Anyone scalping the FTSE Futures??

[Dick Lexic]

still think 5750 cash is key ..i'll stick my neck out and say my bias is to the upside if we get over 5750 but that could change

i'm thinking they were filling their boots down at 700 yesterday but i could be completely wrong we shall see

trade closed ....days like this make it all worth while

 

[Dick Lexic]

i might get back in on a pull back ....haven't heard the fat lady yet

 

[barjon]

trade closed ....days like this make it all worth while

nice one, dl - i've closed my pair too, that went nicely also, but not in your league

 

[Dick Lexic]

coming into the 15:00 reversal zone - ftse has been strong since dow open so may be raring to go if it happens

it all started with your call barjon....could have been a roaster

 

[MartinC-J]

Just some final comments on wicks and tails. You know it has come to an end when it closes above the upper bollinger band and doesn't sell off. That happened at 9:15 when the 5 min candle closed at its highs at 5715. I didn't take the long when that happened because there was resistance at 5717. I actually went long at 5714.5 at 9:31am, after the pullback and entered on the continuation back up.

On the 1 hr chart we had retraced to 38% (this mornings low at 5696.5) and then it reversed back up and made a new high above yesterday evenings high. That's pretty bullish usually.

Finally, I don't know what it was that the Fed said that was new news and was worth the big rally. Maybe the market was already planning the move anyway. The FTSE had completed its ABCD pattern which is normally a bullish sign.

 

[reksa]

Just some final comments on wicks and tails. You know it has come to an end when it closes above the upper bollinger band and doesn't sell off. That happened at 9:15 when the 5 min candle closed at its highs at 5715. I didn't take the long when that happened because there was resistance at 5717. I actually went long at 5714.5 at 9:31am, after the pullback and entered on the continuation back up.

On the 1 hr chart we had retraced to 38% (this mornings low at 5696.5) and then it reversed back up and made a new high above yesterday evenings high. That's pretty bullish usually.

Finally, I don't know what it was that the Fed said that was new news and was worth the big rally. Maybe the market was already planning the move anyway. The FTSE had completed its ABCD pattern which is normally a bullish sign.

I too was left scratching my head with the FOMC statement. They put a strong rally and as Barjon said earlier there was no correction to the correlation between the markets.
Have you got a chart with the ABCD pattern your looking at when you got a free min? Just wondering what fibs you were using as I had a bearish pattern until today's rally.

 

[barjon]

ftse was a bit over-exuberant on the rise when it recovered from it's relative overnight (from ftse close) weakness vs dow and then some. Stayed relatively strong 'til 11:00 but turned a bit weak since.

Might not be so keen to follow any more dow rise and might panic a bit should dow turn

 

[Dick Lexic]

a quote from dollarcollapse.com ...It is now the stated policy of the US government to have negative real interest rates for years to come.

some people think this is pushing the markets up

 

[barjon]

dow made another burst but, as expected, ftse not keen - beware ftse long atm

 

[Sidekicker]

nice one, dl - i've closed my pair too, that went nicely also, but not in your league

Are you tracking DOW and FTSE on the same chart or with some sort of spread trade?

 

[MartinC-J]

http://www.johnmauldin.com/images/uploads/pdf/mwo012112.pdf

I just read John Mauldin's most recent article and it really is an excellent explanation of the current eurozone crisis. John tends to air on the side of caution, but it really is the best I have read on the subject. You should all read it and try and understand it,when you get the time.

 

[barjon]

Are you tracking DOW and FTSE on the same chart or with some sort of spread trade?

Just SBing. Two charts up and separate trades on each. I just use numbers to track weak/strong difference hour by hour.

 

[MartinC-J]

I too was left scratching my head with the FOMC statement. They put a strong rally and as Barjon said earlier there was no correction to the correlation between the markets.
Have you got a chart with the ABCD pattern your looking at when you got a free min? Just wondering what fibs you were using as I had a bearish pattern until today's rally.

Mark

Attached is my 1 hr chart of the ABCD pattern. When it happened it was a perfect AB=CD. Then when the US opened at 2:30pm, there was an extension of the CD leg that you could say over-ruled the pattern. And to be honest I thought we were in for more down myself. I did go long on the slog back up for a small target but I wasn't really looking for anything until the FOMC statement at 5:30pm. Of late the market has jumped on any rumour of QEx.

There's a book called the Harmonic Trader by Scott Carney (1999) that details the bullish ABCD pattern. He doesn't give targets for after the pattern has completed, but I think it is above C at a minimum.

 

[Sidekicker]

Just SBing. Two charts up and separate trades on each. I just use numbers to track weak/strong difference hour by hour.

Doesn;t seem like there's much chance to get into these arbitrages - they move quickly?!
Presumably 2 FTSE:1 DOW size ratio?

 

[Dick Lexic]

cash for gold adverts are back on telly .....does that mean gold is going up?

+100 since this post....maybe they know something we don't.

 

[barjon]

http://www.johnmauldin.com/images/uploads/pdf/mwo012112.pdf

I just read John Mauldin's most recent article and it really is an excellent explanation of the current eurozone crisis. John tends to air on the side of caution, but it really is the best I have read on the subject. You should all read it and try and understand it,when you get the time.

Martin

Excellent. Aside from a few funds I've been in cash so far as investment is concerned since last January.

Wonder what the DM/Drachma exchange rate would look like if they weren't at Euro parity . And therein lies the solution I suppose - Germany are getting rich with an artificially low exchange rate with the rest of the non-euro world whilst the likes of Greece suffer (even though they thought it was Christmas come early when they joined the euro). It seems to me that it all forces complete economic union for eurozone countries and the consequent loss of sovereignty.

Then, in UK terms, it all becomes like the rich SE (Germany) supporting the poor NE (most of the rest of the eurozone). Perhaps they've won the war after all!!

 

[reksa]

Mark

Attached is my 1 hr chart of the ABCD pattern. When it happened it was a perfect AB=CD. Then when the US opened at 2:30pm, there was an extension of the CD leg that you could say over-ruled the pattern. And to be honest I thought we were in for more down myself. I did go long on the slog back up for a small target but I wasn't really looking for anything until the FOMC statement at 5:30pm. Of late the market has jumped on any rumour of QEx.

There's a book called the Harmonic Trader by Scott Carney (1999) that details the bullish ABCD pattern. He doesn't give targets for after the pattern has completed, but I think it is above C at a minimum.

Good Explanation Martin. The C-D leg was a text book move between the 127 and 161.

I got my wires crossed here. I thought you was talking about the move after yesterday low forming a classic ABCD ie, bearish. With only a 38% B to C it does not count.

So beat on the US data. At least this week has picked up a bit. Much easier to trade.

 

[Dick Lexic]

tempted to get back in but have a vision of mr dow appearing with the meat cleaver

see what 2.30 brings

 

[reksa]

Doesn;t seem like there's much chance to get into these arbitrages - they move quickly?!
Presumably 2 FTSE:1 DOW size ratio?

The only way I can see to arb this as a pair would be to fade an extreme move.
So like yesterday the FOMC gave the DOW a big boost and the FTSE lagged.
With an expectation that it would correct over the coming days.
But Dow still strong so who knows.

I guess a favourable hedge at best if you knew it was very weak or strong.

 

[barjon]

Sidekicker

Doesn;t seem like there's much chance to get into these arbitrages - they move quickly?!
Presumably 2 FTSE:1 DOW size ratio?

Can't get to the reply button you've filled up the screen!!


More than you might think. Here's the ftse differences so far this January.